According to Jones Lang LaSalle Hotels, which acted on behalf ofthe vendor, hotels transaction volume in Spain in the year to datealready exceeds the total volume in 2002, following the sale of LeMéridien Barcelona to the German open-ended fund DEKA in January.These sales demonstrate the ongoing interest of investors in assetswith a strong track record in prime locations.

Jordi Frigola, Senior Vice President at Jones Lang LaSalleHotels said: "The fragmented nature of the Spanish hotel marketsuggests that there may be further opportunities for brandconsolidation and investment in 2003 if the independentowner-operators choose to dispose of any of their assets, butfuture activity will depend on the availability of attractiveproduct to buy - there is certainly no shortage of money forinvestment. This is likely to continue for as long as thestock markets are performing badly."

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